WEBVTT - Ex-BP CEO Bob Dudley on Big Oil Going Green

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<v Speaker 1>Hi everyone, We're going to try something different this week.

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<v Speaker 1>As I mentioned at the top of the last show,

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<v Speaker 1>it continues to bear goal to bring you smart but

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<v Speaker 1>accessible insights from being a f analysts on a range

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<v Speaker 1>of topics relating to the transition to a low carbon future.

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<v Speaker 1>But of course insights can come from anywhere. Sometimes it's

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<v Speaker 1>good to have a different perspective. Sometimes it's good to

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<v Speaker 1>hear directly from leaders out there in the field bringing

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<v Speaker 1>about this low carbon future. This week on the show,

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<v Speaker 1>we've got Bob Dudley, Chairman of the Oil and Gas

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<v Speaker 1>Climate Initiative or o g c I, an international industry

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<v Speaker 1>lead initiative established in fourteen. The idea behind the o

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<v Speaker 1>g c I is that member companies come together to

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<v Speaker 1>take practical action on climate change and accelerate the reduction

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<v Speaker 1>of greenhouse gas emissions in full support of the Paris

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<v Speaker 1>Climate Agreement and its aims. Bob joined the oil and

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<v Speaker 1>gas industry in nineteen seventy nine. He's had a variety

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<v Speaker 1>of engineering, commercial and management positions worldwide, including serving as

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<v Speaker 1>Group Chief Executive of BP from to March of this year.

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<v Speaker 1>My co host Dana Perkins, who also heads up Europe

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<v Speaker 1>Middle East and Africa for BNF. Did this interview as

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<v Speaker 1>part of the BENF London Summit on October nineteenth. Being

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<v Speaker 1>a users can see this interview and more, including all

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<v Speaker 1>the BENF analyst talks from the summit, on BNF dot com,

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<v Speaker 1>the Being mobile app in the Bloomberg terminal. As a reminder,

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<v Speaker 1>bean If does not provide investment strategy advice, and you

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<v Speaker 1>can hear the full disclaimer at the end of the

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<v Speaker 1>show him Mark Taylor, and you're listening to twitch On.

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<v Speaker 1>Now over to Dana for her interview with Bob Dadley.

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<v Speaker 1>Thank you for joining us today. Good morning Dana and everyone.

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<v Speaker 1>Good to be here. This is a treat for me

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<v Speaker 1>to be able to interview you. So let's dive in

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<v Speaker 1>with the first question. So I have that for many companies,

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<v Speaker 1>emission reductions targets are really paris aligned and focused around

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<v Speaker 1>the year. But at the o g c I, you've

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<v Speaker 1>chosen to look a little bit nearer term and looking

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<v Speaker 1>closer five years into the future. So why was the

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<v Speaker 1>choice made to focus emissions reductions targets on the nearer term. Well,

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<v Speaker 1>the o g c I are the Oil and Guest

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<v Speaker 1>Climate Initiative is twelve of the biggest companies in the world,

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<v Speaker 1>and we thought it would maybe be too easy to

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<v Speaker 1>put a number out there in so we set near

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<v Speaker 1>term targets, worked out methodology together. We set targets in

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<v Speaker 1>twenty set a baseline seen targets. We have rigorously gone

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<v Speaker 1>through and and measured. Third parties have verified our numbers

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<v Speaker 1>and on two targets, one is methane reduction targets. We

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<v Speaker 1>set a target of point to five by came in

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<v Speaker 1>at point to three percent this year, so ahead of

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<v Speaker 1>where we thought we would be in twenty So that's

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<v Speaker 1>really good news. And this allows us then to keep

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<v Speaker 1>pushing ourselves, sharing information and data, and keep rigorously moving

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<v Speaker 1>towards the targets which I'm sure we'll set to point

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<v Speaker 1>to next in a near short time. We've done the

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<v Speaker 1>same thing with a carbon intensity target on our upstream operations.

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<v Speaker 1>This is really good news, better outcome than we ever

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<v Speaker 1>expected as we started. It's still a long way to go, though,

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<v Speaker 1>so why do you not also have a long term

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<v Speaker 1>goal that's kind of further out into the future that

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<v Speaker 1>you're also working towards, Because it looks like you're going

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<v Speaker 1>to continue to beat the short term goals. Well, it's

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<v Speaker 1>a it's twelve companies. Three of them in national oil

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<v Speaker 1>companies and and and the others are international oil companies.

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<v Speaker 1>Some of them require their governments to approve the long

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<v Speaker 1>term targets, but many of the individual companies have set

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<v Speaker 1>targets out there at targets or earlier in different metrics.

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<v Speaker 1>But this is a collective. It's a big collective. So

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<v Speaker 1>we do what we can do. And it's actually easier

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<v Speaker 1>to set a target shorter term and then push rather

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<v Speaker 1>than the really one far out on the horizon. What

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<v Speaker 1>are the best ways that the O g C I

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<v Speaker 1>has I guess among the members and the collective to

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<v Speaker 1>hold each other accountable. Well, we we we get together.

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<v Speaker 1>We avoid anto the antitrust issues which you have to

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<v Speaker 1>We never talked about oil prices. But when we do

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<v Speaker 1>get together, we talk about the technology, We talk about

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<v Speaker 1>new ideas, we talk about things that we're doing in

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<v Speaker 1>the field, and collectively, we've also set a billion dollar

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<v Speaker 1>fund to clean technologies, many of which involve the monitoring,

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<v Speaker 1>the detection, the measurement of of methane emissions, for example,

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<v Speaker 1>using on surface technolo oologies, drones and satellites. We just

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<v Speaker 1>launched the second satellite with the company we invest in.

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<v Speaker 1>So we do it through our investments, and then we

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<v Speaker 1>also allow those companies that we invest in to use

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<v Speaker 1>our big sets of assets around the world to do

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<v Speaker 1>pilot projects and test things. Uh, and then we share

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<v Speaker 1>all that data and information. So it's it's truly something

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<v Speaker 1>unusual I think among big sectors and industries that the

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<v Speaker 1>big players in the in the sector come together to

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<v Speaker 1>try to all work together towards reducing emissions and our

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<v Speaker 1>carbon intensity and our footprints. And by doing that creates

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<v Speaker 1>a little bit of internal competition as well among the company.

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<v Speaker 1>So it's a good mechanism and it's it's come a

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<v Speaker 1>long way, I would say since it started about Yeah,

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<v Speaker 1>how does that work in practice among the conversations with

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<v Speaker 1>the organizations because in theory they well not in theory,

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<v Speaker 1>in reality they are competing against one another and yet

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<v Speaker 1>are working towards this common objective. How do you create

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<v Speaker 1>that environment where they can kind of put the competitive

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<v Speaker 1>part way and and work together as a team. Well,

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<v Speaker 1>one thing about all these companies is they're deeply committed

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<v Speaker 1>to achieving the goals of Paris. It's absolutely built into

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<v Speaker 1>all of their strategies. All of them have different portfolios,

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<v Speaker 1>so it makes a little different for the companies themselves,

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<v Speaker 1>but we're all committed to a common goal and you

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<v Speaker 1>almost have to get a group of companies like these

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<v Speaker 1>to develop a common language. So the actual calculations what

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<v Speaker 1>you do doing it all the same way has has

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<v Speaker 1>taken quite a bit of technical time. So when we

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<v Speaker 1>get together we talk about the pressures that we have.

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<v Speaker 1>We also have, you know, the pressure the energy transition

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<v Speaker 1>is there, the COVID pressures are down on demands, is

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<v Speaker 1>enormous pressures on all the companies, and you'll see them

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<v Speaker 1>having a restructure right now as well, and their portfolios

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<v Speaker 1>are changing, some at different paces than others. And we

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<v Speaker 1>don't talk about individual strategies so much. But the one

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<v Speaker 1>thing about the oil and gas industry, and I have

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<v Speaker 1>thought about this for a long time, I don't think

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<v Speaker 1>there is another industry in the world that competes so

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<v Speaker 1>fiercely but also partners uh in big projects around the world.

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<v Speaker 1>And that's partly because of national oil companies work within

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<v Speaker 1>the national oil companies and projects together, and the size

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<v Speaker 1>and sheer scale of the capital was always so great

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<v Speaker 1>that it was rare actually that one company wanted to

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<v Speaker 1>take on all the capital on one of these big projects.

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<v Speaker 1>So it's a unique kind of industry and it leads

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<v Speaker 1>to competition, s fierce competition as well as a cooperation

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<v Speaker 1>that's very unusual. It would be good to see on

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<v Speaker 1>climate other sectors taking this on as well. You could

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<v Speaker 1>see cement or chemicals, or steel or aluminum would be

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<v Speaker 1>a good thing if they could do this as well. Yeah,

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<v Speaker 1>so how does the knowledge sharing work? So let's say

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<v Speaker 1>somebody listening now is in chemicals or steel. How do

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<v Speaker 1>you go about sharing that information with each other? And

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<v Speaker 1>what are the various forms that exist. Well, one of

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<v Speaker 1>the things when we set this up, Dana, was that

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<v Speaker 1>we said the Oil and Gas Climate Initiative needed to

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<v Speaker 1>be CEO lad There's a lot of organizations that were

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<v Speaker 1>all part of but the CEOs themselves needed to remain

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<v Speaker 1>deeply committed to it and that's important and that takes

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<v Speaker 1>a lot of CEO time. So underneath that, though, we

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<v Speaker 1>have a series of work streams that work on the gas,

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<v Speaker 1>the methan initiation missions, we have low carbon fuels work streams,

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<v Speaker 1>so we have people that are brought into counted in

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<v Speaker 1>from each of the companies. We have a permanent staff

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<v Speaker 1>and o g c I that manages the work streams.

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<v Speaker 1>And in addition that big commitment to the billion dollar

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<v Speaker 1>fund that in itself is has people's its own board

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<v Speaker 1>from the companies as well, so we have representatives that

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<v Speaker 1>that supervised this, so that knowledge sharing happens at multiple

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<v Speaker 1>levels in the company, not just the CEOs, but the

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<v Speaker 1>CEOs do get together and talk about it and steer

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<v Speaker 1>it and like to be frequently updated on things. So

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<v Speaker 1>the organization probably has maybe forty people working in O

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<v Speaker 1>g c I. For O g c I multiple seconds,

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<v Speaker 1>and then of course the CEOs. It works pretty well.

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<v Speaker 1>Took a while, it's a little bit like managing the

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<v Speaker 1>u N but it's taken a while and now it's

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<v Speaker 1>real and moving. It got buy in from the top,

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<v Speaker 1>so that makes a world of difference. Well, let's talk

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<v Speaker 1>about the members a little bit. They're comprised of international

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<v Speaker 1>oil companies and national oil companies, but a lot of

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<v Speaker 1>the climate news is really very much focused around these

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<v Speaker 1>international oil companies. What part do you think the national

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<v Speaker 1>oil companies and even smaller oil companies really have to

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<v Speaker 1>play in the story, And how how can you balance

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<v Speaker 1>out that narrative. Well, then that's a good point. I mean,

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<v Speaker 1>most of the attention seems to be attracted by the

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<v Speaker 1>international oil companies, the io c s in Europe and

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<v Speaker 1>in the US, but this organization goes way beyond it,

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<v Speaker 1>and it has the Chinese national petroleum companies CNPC, Saudia

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<v Speaker 1>Ramco has been involved from the very beginning, and Petrobras

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<v Speaker 1>in Brazil, so they're involved. Sometimes getting their approvals requires

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<v Speaker 1>government approvals to move some of the things we are

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<v Speaker 1>doing for so they managed a little bit different, but

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<v Speaker 1>the CEO has all work together and so everybody learns

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<v Speaker 1>from them. I think the environments that people work in

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<v Speaker 1>are different. So you have you have investors putting a

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<v Speaker 1>lot of pressure on some of the companies, maybe less

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<v Speaker 1>so on some of the national oil companies, or depending

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<v Speaker 1>on the geographies, you have E. S G Investing now

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<v Speaker 1>putting a lot of emphasis on this, and they can

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<v Speaker 1>invest only in certain companies. So it is a variety.

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<v Speaker 1>But the fact that they're all committed to it is important.

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<v Speaker 1>We have debated and talked about it as a group

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<v Speaker 1>many times. Should we expand the membership, But quite frankly,

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<v Speaker 1>this is thirty it has. We want to be leaders

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<v Speaker 1>in it. The technologies we developed were certainly up for

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<v Speaker 1>sharing with people, but don't want the organization to get

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<v Speaker 1>too big that it's hard to do things collectively on it.

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<v Speaker 1>So we do share the information with smaller companies and

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<v Speaker 1>some of the other national oil companies. We just have

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<v Speaker 1>had to because it's not that big an organization, practically

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<v Speaker 1>kind of limited at this. And again, this is thirty

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<v Speaker 1>percent of all the oil and gas production, and collectively

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<v Speaker 1>the numbers of methane emissions and the carbon intensity upstream operations,

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<v Speaker 1>they really are sort of a benchmark that any company

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<v Speaker 1>could and should use, and these are some of the

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<v Speaker 1>best companies in the world when you look at the numbers.

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<v Speaker 1>Let's talk a little bit about those emissions, so specifically

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<v Speaker 1>scope three emissions which are just notoriously difficult to measure.

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<v Speaker 1>What are your views around the best way to approach

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<v Speaker 1>this from the o g c I members and where

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<v Speaker 1>should the emphasis really be placed on emissions reduction where

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<v Speaker 1>there might actually be some progress? You right, around nine

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<v Speaker 1>percent of the emissions from oil and gas come from

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<v Speaker 1>the operations itself of carbon dioxide and make any emissions

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<v Speaker 1>come from that production and processing of things. We're all

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<v Speaker 1>working with our customers to look at how they can

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<v Speaker 1>reduce their footprints. And that's essentially what you know. Scope

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<v Speaker 1>three is how people use the fuels and the products

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<v Speaker 1>that are there. I have to say there's quite a

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<v Speaker 1>little spectrum of what a Scope three emission is. It's

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<v Speaker 1>quite a definitional issue that needs to be worked out.

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<v Speaker 1>O g c I is working together to come up

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<v Speaker 1>with it, just like we did on the others. It

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<v Speaker 1>takes a while. Common definition for Scope three or downstream emissions.

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<v Speaker 1>I think we're about there on refining definition On refining emissions,

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<v Speaker 1>it takes a lot of time, and just know everybody's

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<v Speaker 1>committed to it and no g c I, but scope three.

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<v Speaker 1>People throw around Scope three and it just needs a

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<v Speaker 1>tighter definition. People to use it outside of the industry

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<v Speaker 1>are all talking about different things as well, often but

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<v Speaker 1>obviously getting the intensity carbon intensity the fuels down. We

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<v Speaker 1>have work streams on that. That's one way of doing it,

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<v Speaker 1>and then of course directly working with different sectors and customers.

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<v Speaker 1>Another example might be in that billion dollar fund dimensioned.

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<v Speaker 1>We've invested with a company cement company that actually takes

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<v Speaker 1>CEO two out of the atmosphere and captures it in

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<v Speaker 1>the cement That could be revolutionizing as an example. But

0:11:52.320 --> 0:11:55.720
<v Speaker 1>there's a lot of intended energy intensive industries that we're

0:11:55.720 --> 0:12:00.960
<v Speaker 1>all working with. Airlines, aluminum, steel, cement. Yeah, there's some

0:12:01.280 --> 0:12:05.040
<v Speaker 1>really big ways to make I guess a meaningful impact

0:12:05.120 --> 0:12:08.240
<v Speaker 1>in these hard to abate sectors. And of those, you know,

0:12:08.559 --> 0:12:10.360
<v Speaker 1>I guess you're saying that the first place is to

0:12:10.400 --> 0:12:13.120
<v Speaker 1>create the definition. So so maybe the solutions aren't yet there,

0:12:13.160 --> 0:12:14.920
<v Speaker 1>But where do you think might be some of the

0:12:14.960 --> 0:12:17.920
<v Speaker 1>immediate partners you mentioned airlines? Do you think there are

0:12:17.960 --> 0:12:21.439
<v Speaker 1>other areas within Scope three that O, G, C, I,

0:12:21.520 --> 0:12:23.720
<v Speaker 1>S or just the members are going to be able

0:12:23.720 --> 0:12:27.000
<v Speaker 1>to reach out to and get some meaningful kind of

0:12:27.040 --> 0:12:29.440
<v Speaker 1>progress Because you have you have to make that interlinkage

0:12:29.440 --> 0:12:32.640
<v Speaker 1>as well. So cement is one we're working on. We

0:12:32.640 --> 0:12:36.560
<v Speaker 1>were invested in a cement company that does the process

0:12:36.640 --> 0:12:40.240
<v Speaker 1>different differently and so suddenly that's getting a lot of attention.

0:12:40.280 --> 0:12:44.800
<v Speaker 1>So this cement industry. Cement gives off a lot of

0:12:44.920 --> 0:12:48.440
<v Speaker 1>here too. For example, steel processing, we're working with some

0:12:48.480 --> 0:12:50.880
<v Speaker 1>of the steel companies on how they process things, and

0:12:50.920 --> 0:12:54.640
<v Speaker 1>the individual companies have their own relationships with big customers.

0:12:54.679 --> 0:12:57.200
<v Speaker 1>So this is another big area for us to move

0:12:57.240 --> 0:13:00.400
<v Speaker 1>into as O g C I and the individual companies

0:13:00.440 --> 0:13:03.320
<v Speaker 1>it will come. This is probably the hardest area. Actually,

0:13:03.480 --> 0:13:06.960
<v Speaker 1>we will continue to watch this space well. So let's

0:13:07.000 --> 0:13:10.040
<v Speaker 1>talk about some of the path forward in terms of

0:13:10.400 --> 0:13:13.200
<v Speaker 1>kind of the current climate right now. What areas do

0:13:13.240 --> 0:13:16.360
<v Speaker 1>you think maybe aren't getting enough attention that should be

0:13:16.400 --> 0:13:19.800
<v Speaker 1>getting attention. And this has to do with the fact

0:13:19.840 --> 0:13:21.960
<v Speaker 1>that I think everybody's sort of looking for some sort

0:13:21.960 --> 0:13:25.400
<v Speaker 1>of technology development or something that could pose as a

0:13:25.480 --> 0:13:28.520
<v Speaker 1>green swan, if you will, that's going to really move

0:13:28.559 --> 0:13:31.680
<v Speaker 1>the agenda forward because to your point earlier regarding short

0:13:31.800 --> 0:13:35.160
<v Speaker 1>term emissions, short term emissions reduction goals and longer term

0:13:35.200 --> 0:13:38.640
<v Speaker 1>emissions reduction goals, some of those longer term emissions reduction schools,

0:13:39.360 --> 0:13:41.160
<v Speaker 1>we don't really know how we're going to get there.

0:13:41.240 --> 0:13:44.400
<v Speaker 1>So what do you think could be a potential green swan.

0:13:44.880 --> 0:13:47.240
<v Speaker 1>There's probably not a silver bullet out there, but we

0:13:47.280 --> 0:13:49.560
<v Speaker 1>should certainly try to get as many of these bullets

0:13:49.600 --> 0:13:52.120
<v Speaker 1>as we can. And one that I think the public

0:13:52.120 --> 0:13:55.160
<v Speaker 1>in general doesn't know much about and their eyes kind

0:13:55.160 --> 0:13:57.599
<v Speaker 1>of glaze over when they hear things like ccus or

0:13:57.640 --> 0:14:01.080
<v Speaker 1>CCS so that's carbon capture u since storage or carbon

0:14:01.120 --> 0:14:04.040
<v Speaker 1>capture and storage. That's one area that o g c

0:14:04.240 --> 0:14:08.679
<v Speaker 1>I is focusing a lot on. There's about thirty c

0:14:08.800 --> 0:14:12.280
<v Speaker 1>c US projects around the world out there. Almost any

0:14:12.360 --> 0:14:14.559
<v Speaker 1>scenario that I've seen to get to the goals of

0:14:14.640 --> 0:14:18.200
<v Speaker 1>Paris are going to require carbon capture and storage. So

0:14:18.320 --> 0:14:22.280
<v Speaker 1>we've we've looked at five kickstarter programs around around the

0:14:22.280 --> 0:14:24.520
<v Speaker 1>world that we're looking at, one of the Netherlands, Norway,

0:14:24.640 --> 0:14:28.520
<v Speaker 1>the US, when China and the UK UH and o

0:14:28.680 --> 0:14:31.840
<v Speaker 1>g c I, the Climate Investment Group actually spent quite

0:14:31.880 --> 0:14:36.000
<v Speaker 1>a bit of money laying out the technology and helping

0:14:36.080 --> 0:14:39.400
<v Speaker 1>the UK government developed the policy that encourages a big

0:14:39.440 --> 0:14:42.360
<v Speaker 1>project in the UK called net and zero t side,

0:14:42.360 --> 0:14:45.520
<v Speaker 1>which will take a lot of industrial complexes and capture

0:14:45.560 --> 0:14:48.440
<v Speaker 1>the CEO two and then it can be piped offshore

0:14:48.440 --> 0:14:50.600
<v Speaker 1>and put way back down to the ground where originally

0:14:50.600 --> 0:14:53.760
<v Speaker 1>came from as an example, and these can make big

0:14:53.760 --> 0:14:58.160
<v Speaker 1>differences in the emissions profile of the world. It's not

0:14:58.600 --> 0:15:01.040
<v Speaker 1>the green Swan, I think, but it's an important one

0:15:01.520 --> 0:15:03.680
<v Speaker 1>and so we're working with governments like the US is

0:15:03.720 --> 0:15:06.600
<v Speaker 1>fort Q, which is a policy that is in the

0:15:06.680 --> 0:15:09.960
<v Speaker 1>US probably the best policy initiative in the world really

0:15:10.000 --> 0:15:12.960
<v Speaker 1>to enable it big one around Rotterdawn Harbor, to create

0:15:12.960 --> 0:15:15.480
<v Speaker 1>a ring around the Big Harbor, and the industrial complexes

0:15:15.840 --> 0:15:18.600
<v Speaker 1>also take that out and put it under the ground

0:15:18.760 --> 0:15:22.200
<v Speaker 1>as an example. And then further down the road, i'd

0:15:22.240 --> 0:15:24.520
<v Speaker 1>expect CO g c I to get involved with hydrogen.

0:15:25.040 --> 0:15:28.760
<v Speaker 1>Hydrogen is going to be a big, big contributor to this,

0:15:28.880 --> 0:15:31.600
<v Speaker 1>and I'll just remind people that don't like natural gas,

0:15:31.840 --> 0:15:35.600
<v Speaker 1>and natural gas is really three carbon atoms, three hydrogen

0:15:35.600 --> 0:15:39.000
<v Speaker 1>atoms connected to a carbon atom, and then you can

0:15:39.280 --> 0:15:42.280
<v Speaker 1>move it around and then decarbonize the gas and have

0:15:42.360 --> 0:15:45.160
<v Speaker 1>the hydrogen so it can be a carrier. Those are

0:15:45.200 --> 0:15:47.360
<v Speaker 1>the sort of things that could really make a difference

0:15:47.680 --> 0:15:50.600
<v Speaker 1>later in the decade, some creative solutions, and I think

0:15:50.640 --> 0:15:52.760
<v Speaker 1>we're going to continue to very much watch this space

0:15:52.800 --> 0:15:56.240
<v Speaker 1>on those technologies. So right now, the energy industry is

0:15:56.280 --> 0:15:59.920
<v Speaker 1>going through a great deal of change, and I want

0:15:59.920 --> 0:16:02.000
<v Speaker 1>to know from your standpoint, you know, what are some

0:16:02.040 --> 0:16:05.400
<v Speaker 1>of the lessons that you've learned both during your time

0:16:05.440 --> 0:16:07.920
<v Speaker 1>as the CEO and more importantly also working with the

0:16:08.000 --> 0:16:10.560
<v Speaker 1>other senior executives that you work with through the O

0:16:10.680 --> 0:16:13.320
<v Speaker 1>g C I about the best way to lead through

0:16:13.400 --> 0:16:17.560
<v Speaker 1>change and really navigate what would be considered bumpy waters. Well,

0:16:17.600 --> 0:16:21.760
<v Speaker 1>this is bumpy waters in the energy industry the whole

0:16:21.760 --> 0:16:23.920
<v Speaker 1>time I would have been in the industry. Usually there's

0:16:24.040 --> 0:16:26.280
<v Speaker 1>a cycle up and down. When the upstreams up, the

0:16:26.360 --> 0:16:29.320
<v Speaker 1>downstream is down and vice versa. This time everything is down.

0:16:29.400 --> 0:16:32.080
<v Speaker 1>Demand is down across the world and everything. It's not

0:16:32.120 --> 0:16:36.320
<v Speaker 1>just oil and gas, it's everything, you know, hospitality, industries, flying,

0:16:36.400 --> 0:16:40.640
<v Speaker 1>many many manufacturing. It is a tough, tough economy. I

0:16:40.680 --> 0:16:43.120
<v Speaker 1>think as a leader of those, you have to be

0:16:43.240 --> 0:16:47.320
<v Speaker 1>very flexible. You have to have patience and perseverance. That's

0:16:47.360 --> 0:16:50.080
<v Speaker 1>definitely got to be a hallmark of what's happening now.

0:16:50.800 --> 0:16:53.840
<v Speaker 1>And uh, I always say nothing great happens without enthusiasm,

0:16:53.960 --> 0:16:56.960
<v Speaker 1>So leaders have to be enthusiastic, and people right now

0:16:57.760 --> 0:17:00.880
<v Speaker 1>need to be energized because these it's really hard, and

0:17:01.520 --> 0:17:04.400
<v Speaker 1>leadership through the camera, like what we're doing, is sort

0:17:04.440 --> 0:17:06.960
<v Speaker 1>of an unusual way to lead, and you know, you

0:17:07.240 --> 0:17:09.480
<v Speaker 1>sort of lose that close human touch you had when

0:17:09.480 --> 0:17:12.359
<v Speaker 1>you could travel and talk to many people and having

0:17:12.560 --> 0:17:16.520
<v Speaker 1>optimism about the energy transitions, changing your portfolios, working with

0:17:16.560 --> 0:17:19.560
<v Speaker 1>investors in a different way. It requires a different set

0:17:19.560 --> 0:17:23.000
<v Speaker 1>of leadership skills, but I think that one of patients

0:17:23.040 --> 0:17:27.600
<v Speaker 1>perseverance and optimism is what will get companies through. And

0:17:27.640 --> 0:17:30.520
<v Speaker 1>I can tell you the twelve CEOs I deal with

0:17:30.600 --> 0:17:33.720
<v Speaker 1>on this, they're all working very hard at This makes

0:17:33.720 --> 0:17:37.520
<v Speaker 1>me optimistic. I'm gonna say this conversation has made me

0:17:37.560 --> 0:17:40.920
<v Speaker 1>optimistic as well. Well. Thank you very much for your

0:17:41.080 --> 0:17:44.200
<v Speaker 1>time and for your insights today, Bob. We really appreciate

0:17:44.200 --> 0:17:47.160
<v Speaker 1>having you here. Okay, thanks Dana, thank you all very much.

0:17:55.160 --> 0:17:57.760
<v Speaker 1>Today's episode of Switched On was edited by Rex Warner

0:17:57.920 --> 0:18:00.800
<v Speaker 1>of Great Stoak Media BLOOMBERGINI at a service provided by

0:18:00.840 --> 0:18:04.399
<v Speaker 1>Bloomberg Finance LP and its affiliates. This recording does not constitute,

0:18:04.440 --> 0:18:08.000
<v Speaker 1>nor it should it be construed as investment advice, investment recommendations,

0:18:08.160 --> 0:18:10.960
<v Speaker 1>or a recommendation as to an investment or other strategy.

0:18:10.960 --> 0:18:14.160
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0:18:14.200 --> 0:18:17.440
<v Speaker 1>which to base an investment decision. Neither Bloomberg Finance LP

0:18:17.680 --> 0:18:20.880
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0:18:20.920 --> 0:18:23.840
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